Capital markets: debt in Netherlands
Allen & Overy LLP
Allen & Overy LLP fields a team of ‘knowledgeable and capable’ practitioners. Practice head and recently appointed partner Jonathan Heeringa assisted Alliander with the issue of a hybrid bond issuance and a tender offer in respect of an outstanding hybrid bond issue. Other clients include IMCD, a chemical and food ingredients distributor.
Jurgen van Der Meer leads the team at Clifford Chance, and has a key focus on bank and insurance regulatory capital markets issues and securities regulatory work. He advised PostNL on its listing on Euronext Amsterdam and the issuance of €400m fixed-rate notes; senior counsel Tineke Kothe and senior associate Hugo van der Molen were also part of the team.
At De Brauw Blackstone Westbroek, practice head Niek Biegman, who splits his time between London and Amsterdam, advised the trustee, representing the bond holders, on a €175m convertible bond issued by Besi. Menno Stoffer assisted Relx with the establishment of a note programme and a separate bonds issuance. The ‘knowledgeable’ Ferdinand Hengst acted for Brenntag Finance on the issuance of €600m in fixed-rate bonds. Ernest Meyer Swantée has departed for an in-house position at Topicus.
At Linklaters, department head Pim Horsten and managing associate Menno Baks advised Deutsche Bank and other underwriters on two issuances of fixed-rate senior notes, valued at €300m and €600m. The duo, as part of a wider team with the firm's London office, also assisted Unilever with its €3.9bn capital markets funding.
NautaDutilh’s managing partner Petra Zijp leads the debt capital markets team. The highly regarded Antonia Netiv and Arjan Pors advised JP Morgan on the €250m senior secured notes issue of a subsidiary of Radisson Hotel Holdings. Walter Schellekens assisted a mix of long-term and new clients with billions of euros of issuances in the last year.
Loyens & Loeff’s Martijn Schoonewille advised Bacardi on the Dutch corporate, financial regulatory and tax law aspects of a €6.4bn debt refinancing, partially conducted to finance the acquisition of Patrón Spirits International, using a series of credit facilities, note issuances and bridging loans. He also assisted Capital Stage with the placement of perpetual subordinated bonds of €97.3m.
Simmons & Simmons’ debt capital markets practice handles numerous large US securities mandates for Netherlands-based clients. Practice heads Peter Voorhees and Marieke Driessen led the team in acting for the State of The Netherlands on its debut unlimited global commercial paper programme, including handling the US issuance under the programme.
At Stibbe, which has a track record acting for global corporates on note issuances, practice head Rein van Helden and senior associate Suzanne van Boheemen advised frequent issuer and longstanding client Smurfit Kappa on a €600m offering of senior notes. In other work, the group assisted Nasdaq-listed Wright Medical Group with the issuance of $675m cash convertible senior notes. Jeroen Smits, Pieter Schütte and counsel Robert Steeg are other key names. Debt instrument restructuring is another area of strength.
Baker McKenzie's team was bolstered by the arrival of Henk Arnold Sijnja from Linklaters; he is jointly leading the team alongside Philippe Steffens and derivatives expert Corinne Schot. Highlights included advising Nyrstar on the issuance of €400m senior guaranteed notes with admission to trading on the Euro MTF Market of the Luxembourg Stock Exchange and a subsequent €100m tap issuance. Natusia Szeliga was promoted to legal director in 2018.
Freshfields Bruckhaus Deringer
Hogan Lovells International LLP's team, which is a popular choice for financial institutions, is led by Robert Masman and Wouter Jongen. Masman advised ABN Amro as issuer counsel on its €40bn retained covered bonds programme backed by residential mortgage loans. Together with Jongen, he also assisted Petrobras Global Finance, the Dutch financing vehicle of Petróleo Brasileiro, with various multibillion-dollar debt raisings in the debt capital markets.
Houthoff’s practice has a strong issuer and investor client base. André de Neve advised Teekay Offshore Partners on the offering of $700m aggregate principal amount of senior notes and assisted Teekay LNG with the offering of up to €172.5m series b fixed-to-floating rate cumulative redeemable perpetual units. Jessica Terpstra is also noted.